ScotEx, the Scottish stock exchange based on blockchain

Rage Comment : The blockchain-based Scottish Stock Exchange ScotEx will be officially established next year, and it needs to raise 15 million pounds for this purpose. In 1973, the Scottish Stock Exchange merged with the London Stock Exchange. If this exchange is successfully implemented, it will mark the independence of the Scottish Stock Exchange. Moreover, the ScotEx exchange will also be the first exchange to use distributed ledger as the underlying technology from the beginning. Therefore, in addition to improving efficiency, it also has great significance for the Scottish financial market.

Translation: Annie_Xu

Scotland has always been very positive about cryptocurrencies. Once it leaves the UK, Scotland will implement multiple digital currency projects. Although the first Scottish referendum showed that there were not many votes in favor of leaving the UK, people do not rule out this possibility. Scotland pays close attention to digital currencies and has been keeping up with the dynamic Internet financial ecosystem, such as the Scottish Stock Exchange Initiative - ScotEx.

The exchange is expected to be officially operational next year. To achieve this goal, a coalition of former Nasdaq and Scottish investors hopes to raise £15 million ($18.4 million). Once the regulated blockchain exchange is officially established, it will become the first independent stock exchange in Scotland since 1973.

Well-known financial technology media reported that ScotEx will fill the gap after Brexit, because Scotland still wants to remain in the European Union. In 1973, the Scottish Stock Exchange merged with the London Stock Exchange to form a unified market. ScotEx will use the British pound as currency and adopt the SCOTS-30 price index.

It is no longer news that stock exchanges are adopting blockchain technology. The Australian Securities Exchange, Nasdaq, and others are deploying blockchain-based transaction settlement systems. However, ScotEx may be the first exchange to adopt distributed ledger technology from the beginning.

ScotEx, which is based on the Bitcoin blockchain, can settle trades in real time, so there is no need for a clearing house. ScotEx shareholders can have their trades settled in 15 minutes, compared to two or three days on traditional exchanges.

The implementation and success of ScotEx depends on Scotland's engagement with the UK as it determines the terms of its exit from the EU and whether Scotland can remain both a member of the EU and a part of the UK.

ScotEx will become a case study in the international financial sector, and whether it succeeds or not, it can help people understand the implementation and impact of blockchain technology.